Curious About Statutory Compliance? Let's Explore How to Learn More Together

Understanding Statutory Compliance

I want to know about statutory compliance and how I can learn about the same.

Thanking you,

Regards,
Zuni

Hi Zuni, what exactly are you doing? Are you taking a course or working? You will learn by filling out these returns, not by reading or listening.

Dear Zuni, What is the subject matter of statutory compliance?

With Regards,
R.N.Khola

Understanding Statutory Compliance

Dear All, I want to know about statutory compliance and how I can learn about the same.

Thanking You,
Zuni

Dear Zuni,

Statutory Compliance means whatever we are complying with and maintaining as per the requirements of the Government/local bodies. Even if the Police authorities give instructions in writing to maintain and submit a copy of the workforce details in soft copy, it will also be considered a Statutory Obligation. Whatever PF, ESI, Welfare fund remittances you are making to the Government are also known as Statutory compliance. Payment of wages in time to workmen, abiding by the Minimum wages fixed by the Govt from time to time, Payment of Bonus, Notice Pay upon relieving, retrenchment compensation, gratuity, PF, Pension, Leave, everything is clearly expressed by the Government. Hence, all of the above form part of Statutory Compliance.

I am unable to understand in which aspect you want to acquire knowledge about Statutory compliance.

With warm regards, S. Bhaskar 9099024667

Dear All,

I am working as an HR Generalist in an IT company, and the HR department is currently in the process of development. I am the sole HR personnel in this company, and I am interested in understanding the HR roles related to statutory compliance and payroll handling.

Please assist me in gaining insights into these areas as I aim to strengthen the HR department within my current company.

Thank you.

Dear Zuni,

Regarding my concern, I believe IT companies should be registered under the Shops and Establishment Act. Please proceed with the registration of the establishment with the appropriate authority.

Payroll software packages are readily available in the market. You can consult experts to customize one to fit your company's needs.

Ensure you maintain all documents, from day 1 until an employee's retirement, including personal documents and relevant subject-wise files, in an organized manner.

If your company has not already done so, ensure registration for PF and ESI, and initiate deductions for the same from your employees.

As a welfare measure, consider organizing picnics, parties, gatherings, or entertainment during lunchtime or weekends. Involving families can foster better relationships among staff members.

If you believe it would be beneficial, create your HR department according to your vision.

Best wishes.

Warm regards,

S. Bhaskar

9099024667